business

5 Industries AI Will Impact

Perhaps no technology today promises to impact the planet more than AI. With its broad ranging applications and seemingly endless potential, AI seems poised to become one of the most significant technological advances of our lifetime; and those changes may be coming sooner than we have anticipated. So today, Ignitia examines five industries in which AI is positioned to have a very largest impact.

Finance

One of the hottest buzzwords from the past few years has been, ‘fintech’. From financial security, to automating transactions and approvals, to building predicative models, AI has already had a tremendous impact on the financial sector. Using AI to identify trends in large financial data-sets has become commonplace. Some estimates claim passive and quantitative investing already accounts for as much as 60% of all equity assets. Along with the massive rise of algorithm based quant trading, AI is also being used for a myriad other financial instruments, such as checking credit worthiness of applicants, and even mining cryptocurrencies. With its heavy bearing on big data and analytics, the financial sector is ripe for an ever increasing immersion of machine learning technologies.

Healthcare

With impacts on medicine ranging from insurance verification to elder care, healthcare is another market ripe for AI influence. By providing levels of perception and accuracy impossible to human beings, AI is seen by many as the new frontier in disease detection, prevention, and diagnosis. Along with these fields, AI is also being used to find cures. By analyzing specific cases, AI is also edging ever closer to providing long-sought cost effective personalized medicine. These elements, along with such uses as detecting of dangerous drug interactions, monitoring vital signs, processing patient charts, and even performing precision surgeries make the medical field primed for AI’s impact.

Manufacturing

The transition from human to AI in manufacturing has been perhaps one of the most seamless transitions of any field. Computers don’t need breaks, and they don’t need time off. Instead, they reliably work nonstop to accomplish their given tasks. And they can accomplish the task much more accurately. In industries ranging from automobiles, to electronics, manufacturing is one of the most exposed fields for AI implementation well into the 21st century.

Transportation and Logistics

With the rise of autonomous vehicles and their corresponding tracking systems, logistics and shipping are both industries replete with AI potential influence. By increasing efficiency in transportation on both roadways and shipping lanes, the impact on congestion and fuel consumption will be reduced broadly across the spectrum. Such services have already seen a rise in companies such as TransFix, and Uber utilizing these tools. AI technology has also been applied to freight services, including rail, air, and sea shipping, and have already had in impact on everything from tracking to safety.

Customer Service

Customer service is another field that has already seen the dramatic impact of AI with the use of chatbots and automated messaging. While such interactions can be seen as a source of frustration for some customers, the seamless transition to more cost saving, and more efficient bots is already underway. Even today, the likelihood of an interaction with a bot when contacting customer service is already much higher than many users would even suspect.

The interface between human and computer is ever increasing, and as such, interactions with the AI technologies behind them have become more and more commonplace. Today, AI is already improving those areas humans find too tedious, and to difficult to perform adequately. As the age of AI dawns it promises an exciting, efficient, and lucrative future for many businesses impacted by it.